704 87th Ave NE #23 · Lake Stevens, WA 98258

$199,950

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 134 Days on market

Built 1990 14 ac lot $132/sqft · 17% below area Est $240k · 17% under

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.8/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

All Ages Park Community, Bonus from Seller Credit to the buyer of $2500.00 For you closing cost. Spacious and beautifully appointed 3-bedroom, 2-bath residence nestled within a serene park community. This home showcases numerous custom upgrades, including newer carpet and wood-laminate flooring, vaulted ceilings, brand new furnace. and nice vanities in both bathrooms. Enjoy the comfort and efficiency of vinyl windows, along with a luxurious soaking tub in the primary suite. Natural light pours in through skylights, enhancing the warm, inviting atmosphere. Step outside to a private entertainment-back yard with privacy fencing—ideal for summer BBQs and gatherings. A large storage shed o

Key facts

• New furnace
• Vinyl windows
• Newer carpet

Tags

• CUSTOM UPGRADES
• NEWER CARPET
• WOOD-LAMINATE FLOORING
• VAULTED CEILINGS
• NEW FURNACE
• VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 2.8% in Lake Stevens — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#51 in WA, #917 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities C-, cost of living F.
• Lake Stevens School District (suburban): math 57% / reading 70% proficiency, ranked #31 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 418 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent runs 32% of the median local income ($124k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $65k; list at $200k implies a 208% gain — meaningful room to come down on a strong offer.

Recommended offer $175,956 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.63% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.78%
• DSCR: 2.28
• GRM: 5.1

CMA / ARV

• ARV (median comp): $239,973
• List price: $199,950
• Delta: -16.68%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 87th Ave NE #38	0.00mi	3/2.0	1,510 (-0%)	12mo	$239,000	$158	90
704 87th Ave NE #70	0.00mi	3/2.0	1,620 (+7%)	17mo	$227,800	$141	74

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.19% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 1.79×
• Total profit: $44,132
• Equity at exit: $29,813

10-year hold

• IRR: 26.4%
• Equity multiple: 3.03×
• Total profit: $113,650
• Equity at exit: $17,288

Cash invested: $55,986 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98258

• Rents YoY: 0.2%
• Active inventory: 418
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,256 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$97 /mo · $1,168/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $1,343

Break-even live

Break-even rent $1,556

Max offer price $199,950

Occupancy floor 54%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,988
• Closing costs: $5,998
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1229 92nd Ave NE Lake Stevens, WA	4.0	2.5	1868	$3,300	$1.77	43d	1	0.45mi
9504 Chapel Hill Rd Lake Stevens, WA	3.0	2.5	1340	$2,950	$2.20	5d	1	0.68mi
609 84th Ave SE Lake Stevens, WA	4.0	3.0	1744	$2,800	$1.61	12d	1	0.88mi
610 103rd Ct SE Lake Stevens, WA	3.0	2.5	1870	$3,400	$1.82	20d	1	1.26mi
8609 Soper Hill Rd Unit D133 Marysville, WA	3.0	2.5	1565	$3,000	$1.92	43d	1	1.31mi
7815 14th St SE Lake Stevens, WA	3.0	2.5	1587	$3,100	$1.95	24d	1	1.43mi

Listing history 19 events

1. 2026-06-18
   days on market $199,950 Active 134 DOM
2. 2026-06-17
   days on market $199,950 Active 133 DOM
3. 2026-06-16
   days on market $199,950 Active 132 DOM
4. 2026-06-15
   days on market $199,950 Active 131 DOM
5. 2026-06-13
   days on market $199,950 Active 129 DOM
6. 2026-06-13
   days on market $199,950 Active 128 DOM
7. 2026-06-09
   days on market $199,950 Active 125 DOM
8. 2026-06-08
   days on market $199,950 Active 124 DOM
9. 2026-06-07
   days on market $199,950 Active 123 DOM
10. 2026-06-04
    days on market $199,950 Active 120 DOM
11. 2026-06-03
    days on market $199,950 Active 119 DOM
12. 2026-06-02
    days on market $199,950 Active 118 DOM
13. 2026-06-01
    days on market $199,950 Active 117 DOM
14. 2026-05-31
    days on market $199,950 Active 116 DOM
15. 2026-02-04
    listed $199,950 Active
16. 2025-08-06
    soldstatus $65,000
17. 2008-06-30
    soldstatus $55,500
18. 2008-05-28
    historical
19. 2008-04-17
    listed $57,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $1,168 · $97/mo
• Projected year-2 tax: $1,960 · $163/mo
• Expected delta: +$792/yr (+$66/mo · 67.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $39,070
• − Mortgage interest: −$11,200
• − Property taxes: −$1,168
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,126
• − Management: −$3,126
• − Depreciation: −$5,817
• Taxable income: $13,634
• Est. tax owed @ 24.0%: −$3,272
• After-tax cash flow: $12,843/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lake Stevens School District
• NCES district ID: 5304200
• Math proficiency: 57% ▼ -2.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $78,301
• Composite: 58.12/100
• National rank: #2141
• State rank: #31 of 291 in WA

Livability — Lake Stevens

• Score: 83/100
• State rank: #51
• US rank: #917

Category grades

Amenities C- Commute A Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Stevens, WA
• County: Snohomish County · 786,756 people
• City population: 52,752
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 52,752
• Household income: $123,898
• Rent vs Own: 21.5% rent · 78.5% own
• Severe rent burden: 786.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 11% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 7% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 87% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -725.77%
• Current HPI: 303.8934
• Rent YoY: ▲ 0.19%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+247.7% since first listed

5 events — show timeline

• 2026-02-04 Listed $199,950 NWMLS as Distributed by MLS Grid
• 2025-08-06 Sold (Public Records) $65,000 Public Records
• 2008-06-30 Sold (MLS) $55,500 NWMLS as Distributed by MLS Grid
• 2008-05-28 Delisted — NWMLS as Distributed by MLS Grid
• 2008-04-17 Listed $57,500 NWMLS as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2026): $1,168 · +79.0% YoY. Source: county tax records.